Approximately $2.8 billion in Bitcoin and Ethereum options contracts will expire on November 13, according to data from Greeks.live analyst Adam. Bitcoin options account for $2.48 billion of the total open interest with a max pain level at $76,000 and a Put/Call ratio of 0.52, while Ethereum options represent $300 million with max pain at $2,200 and a significantly higher Put/Call ratio of 1.55. Bitcoin dropped below its $76,000 max pain level ahead of expiration, briefly falling to the $72,700-$73,300 range amid selling pressure from Binance's aftermath, ETF outflows, and hotter-than-expected U.S. CPI data. While BTC open positions remain predominantly bullish, the 24-hour trading volume Put/Call ratio spiked to 1.64, signaling rising short-term risk aversion. ETH similarly trades below its $2,200 pain point with heavy bearish positioning. Short-term volatility now exceeds mid-to-long-term levels, creating an inverted term structure as markets price elevated movement around the expiration event.